The National Debt Is Now More than Ten Times Annual Tax Receipts
09/06/2019, Ryan McMaken
Politicians from Alexandria Ocasio-Cortez to Dick Cheney are united in their agreement that deficits don't matter. Of course, that's exactly what a politician would say. Politicians score points by spending other people's money, so naturally, they don't want to hear anything about how prudence suggests it might be a good idea to not spend that extra 800 billion dollars they don't have.
But there is apparently little concern in Washington, DC as the annual deficit — for a single year, mind you — approaches one trillion dollars for the first time since the hit-the-panic-button days of the Great Recession. Except that now huge deficits are coming during "good" economic times.
Moreover, as the Congressional Budget Office has forecast, the debt load is expected to rise to 125 percent of GDP over the 20 years. That's higher than the US debt-to-GDP ratio during World War II.
This, of course, assumes no major geopolitical or economic disruptions, whicih would make things far worse.
Total U.S. debt including all forms of government, state, local, financial and entitlement liabilities comes close to 2,000% of GDP, according to AB Bernstein.
The biggest potential load comes from entitlements, but is being pressured from rising levels of federal government debt as well.
The warnings about potential debt hazards come as the total federal debt outstanding has surged to $22.5 trillion. A debt reform advocate says now is the time for the U.S. to tackle the issue, before recession hits.
Total potential debt for the U.S. by one all-encompassing measure is running close to 2,000% of GDP, according to an analysis that suggests danger but also cautions against reading too much into the level.
iprazhm: I live in Fl and Rubio used to be the Florida Speaker of the House. As Speaker, he refused to allow bills on the floor for a vote, that hindered illegal aliens. On CNN, he said that he's willing to take the right to own a gun from Florida citizens. Traitor
May 16, 2019 18:55:29 GMT -5
iprazhm: “I absolutely believe that in this country if you are 18 years of age, you should not be able to buy a rifle, and I will support a law that takes that right away,” U.S Senator Marco Rubio Fl qz.com/1213296/parkland-florida-shooting-fou
May 16, 2019 18:56:09 GMT -5
avordvet: If a citizen is old enough to carry a rifle in the military service, then they are old enough to buy/own a weapon and exercise their god-given natural right to self-defense.
May 21, 2019 4:37:28 GMT -5
iprazhm: I have come to believe that God placed Trump in office to help Israel, and nothing else. He is clearly not there to secure the republic or promote decency. Only when the people return to serving Christ, will our country return to being great again.
Jun 1, 2019 18:15:16 GMT -5
avordvet: Welcome thomas
Aug 12, 2019 14:49:27 GMT -5
avordvet: Welcome cloudbound1
Aug 16, 2019 4:01:08 GMT -5
walfred: Threat level-HIGH....Level of Readiness-MAXIMUM
Oct 7, 2019 1:54:10 GMT -5
iprazhm: Invaluable information.
Mar 23, 2020 14:40:22 GMT -5
avordvet: Welcome phatday3
May 19, 2020 4:12:22 GMT -5